Arrowstreet Capital Limited Partnership Purchases 547,561 Shares of Corebridge Financial, Inc. $CRBG

Arrowstreet Capital Limited Partnership increased its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 723.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 623,267 shares of the company’s stock after acquiring an additional 547,561 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Corebridge Financial were worth $22,126,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Cetera Investment Advisers boosted its position in Corebridge Financial by 25.3% in the first quarter. Cetera Investment Advisers now owns 25,216 shares of the company’s stock worth $796,000 after purchasing an additional 5,091 shares during the last quarter. LPL Financial LLC boosted its holdings in shares of Corebridge Financial by 3.8% in the 1st quarter. LPL Financial LLC now owns 180,778 shares of the company’s stock worth $5,707,000 after buying an additional 6,593 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Corebridge Financial by 38.9% during the first quarter. PNC Financial Services Group Inc. now owns 6,003 shares of the company’s stock valued at $190,000 after buying an additional 1,681 shares during the period. Vanguard Group Inc. grew its position in Corebridge Financial by 1.4% during the first quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company’s stock valued at $765,571,000 after buying an additional 324,692 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Corebridge Financial by 1.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,952,708 shares of the company’s stock worth $61,647,000 after buying an additional 21,100 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CRBG has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Corebridge Financial in a research note on Monday, December 1st. Keefe, Bruyette & Woods dropped their price objective on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a research note on Thursday, October 9th. Evercore ISI reduced their price objective on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a report on Wednesday, November 5th. Morgan Stanley restated an “equal weight” rating and issued a $33.00 target price (down from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th. Finally, Wolfe Research initiated coverage on Corebridge Financial in a research report on Friday, October 10th. They set a “peer perform” rating on the stock. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.40.

Corebridge Financial Stock Up 0.2%

CRBG stock opened at $30.33 on Monday. The stock has a 50-day simple moving average of $30.76 and a two-hundred day simple moving average of $32.76. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57. The firm has a market capitalization of $15.78 billion, a PE ratio of 18.05, a PEG ratio of 0.42 and a beta of 1.04. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.77.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Tuesday, November 4th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). The firm had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. Corebridge Financial’s revenue was up 34.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.23 earnings per share. On average, equities analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.96 annualized dividend and a dividend yield of 3.2%. Corebridge Financial’s dividend payout ratio is presently 57.14%.

Corebridge Financial Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.